Happy Friday, PLANSPONSOR readers! Of course, one big news item in general this week was the President’s State of the Union address, and while he didn’t focus much on retirement savings issues, some in the benefits industry were concerned about what he didn’t say. It was a victorious week for plan sponsors in the courts. Principal Financial Group was handed a win in an excessive fee suit, JP Morgan was also handed a win in a suit challenging its 401(k) plan’s company stock investment, and a court blessed an employer’s wellness program in a lawsuit brought by the Equal Employment Opportunity Commission (EEOC). We covered the new fee challenge for plan sponsors—levelization—and more, as you’ll find in this week’s edition of PLANSPONSOR Weekend.
The defendant in the case, CommonSpirit Health, was accused of committing fiduciary breaches in the provision of an active target-date fund suit—allegations rejected both in district court and on appeal.